One of my favorite reports is the Bank of America fund manager survey because it's one of the only clean looks at real money sentiment in equities.
In it, a record high 52% of respondents said they are underweight equities, while 62% are overweight cash.
BofA said sentiment is 'super bearish' among the 212 participants that manage $616 billion.
The largest underweight position is in European equities with 42% holding less than the benchmark.
Another sign is that the number of managers taking higher-than-normal risk is at a record low.
The most crowded trades, according to the survey, are long US dollars, long oil and commodities, long ESG assets, short US Treasuries, long growth stocks and long cash.